What Can Jeff Bezos Teach a Troubled Industry?

A $250 million acquisition is normally stuck on the back pages. But this one is clearly different.

The financial press has generated a flood of stories about Amazon.com founder Jeff Bezos' decision to buy the Washington Post for his personal portfolio.

The purchase of a steadily declining urban newspaper, picked up for a paltry $250 million, is arguably not a major business or investment story. Acquisitions of this size in other industries are normally relegated to the back pages. And everyone knows that general-interest...